Denver Colorado Divorce Lawyers

Divorce and Tax Implications

If you and your spouse are preparing to get divorced or separated, it may behoove you to explore the tax implications of your split. Whether your separation is amicable or divisive, the decisions both of you make about how to file for separation can have profound implications for your financial well being. You might be able to maximize your collective assets and property, for instance, by working together. And even if you have no interest in cooperating with your spouse, you can potentially see significant savings yourself through things like deducting your spousal support payments, getting deductions for dependent children and child support, and reducing the negative tax consequences of liquidating assets, such as the home you own or other property.

The IRS publishes an array of short reports to help separating and divorcing couples understand their tax ramifications. If you want detailed info about how caretakers can get relief, see IRS Publication 503: Child and Dependent Care Expenses. For tax info regarding property settlements, legal fees, exemptions, alimony, and more, see IRS Publication 504: Divorced or Separated Individuals. If you are an "innocent" spouse – that is, if your spouse cheated on you or abused you or otherwise was "at fault" in the divorce, you might find excellent information in IRS Publication 971: Innocent Spouse Relief.

All that said, although these IRS publications can be helpful, it may behoove you to speak directly with a divorce lawyer and to your personal accountant. After all, the rules regarding, for instance, tax deductions for alimony, alone can get quite complicated. And likely you are caught up dealing with the emotional and logistical fallout of the divorce – so you don't want to add to your "to do list" and wind up overwhelmed. A knowledgeable and credentialed divorce lawyer can walk you through the process and make sure that you take best advantage of tax-saving opportunities and minimize your tax fallout.

Consulting a Denver Divorce Lawyer

For a free and crucial consultation with an experienced divorce lawyer in Denver, connect with the attorneys at Kaplan Law now to get answers to the burning questions about your divorce that are keeping you up at night.